Industry Testifies on Plan to Cut Alaska Oil Taxes

According to the Associated Press, oil industry leaders delivered a stinging rebuke of the production tax that became a hallmark of Gov. Sarah Palin''s administration, telling a legislative committee Wednesday that it has discouraged investment and made Alaska a less attractive place to do business. Representatives of BP Alaska, ConocoPhillips, Exxon Mobil and Pioneer Natural Resources said the tax cut and expanded tax credits proposed by Palin''s successor, Gov. Sean Parnell, is a positive step toward encouraging greater activity and boosting oil production. BP, ConocoPhillips and Exxon Mobil are the major players on Alaska''s North Slope.